The Promise of Check 21

Topics:
Commercial Banking
Tags:
Check 21,
Financial Services
Source:
J&B Software

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Overview: Banks have been using MICR to streamline operations by scanning serial numbers for settlement purposes, but must still perform manual signature recognition and remittance along with managing exceptions and returns. A typical sufficient-funds check is handled an average of 15 times in the current banking back-office system (returns many more times). Industry analysts believe that Check 21 will fuel truncation programs and save financial institutions $2 - $3 billion per year by reducing document handling. Check 21 provides an opportunity for commercial banks to reestablish their preeminence in the business of payments - a position that has been slowly eroded by the arrival of non-bank providers of one-off payment services. Check 21 presents banks and credit unions with myriad opportunities to reduce costs while improving revenue and enhancing customer satisfaction.

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Format: PDF | Size: 148KB | Date: Mar 2004 | Pages: 5

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